Pepe Coin Price Plunges to Lowest Level Since November Amid Whale Sell-Off

Pepe, the third-largest meme coin by market capitalization, has dropped to its lowest level since November 13 as whales sold off their holdings, pushing exchange balances higher. The coin’s price plummeted to a low of $0.00001210, down by over 54% from its highest level in December.

Increased Selling Pressure from Whales and Investors

Data from reliable sources shows that the amount of Pepe coins on exchanges increased, indicating continued selling pressure from investors. Tokens on exchanges rose by 1.31% to 240.28 trillion, up from 237.18 trillion a week earlier. The total supply on exchanges climbed by 0.74% to 57.12%.

Furthermore, Pepe whales have been offloading their holdings, with several whales moving their assets to exchanges. This suggests that these investors expect the downward trend to persist. Many whales have recently sold off their entire holdings, including:

  • 0xfBfC…07Be, who deposited 430B $PEPE ($6.39M) to Binance 9 hours ago
  • marketparticipant.eth, who deposited 325.5B $PEPE ($4.9M) to Binance 24 hours ago
  • 0xb1a2…6731, who sold 200.88B $PEPE for 2.85M $USDC in the past 48 hours

Smart Money Investors Reduce Positions

Meanwhile, smart money investors have also been reducing their positions in Pepe. The number of smart money holders has dropped to 69, down from 91 in December. These investors now hold 9.5 trillion Pepe coins, a decline from nearly 12 trillion in March last year.

Pepe’s Crash Coincides with Declines in Other Meme Coins

Pepe’s crash has coincided with declines in other meme coins, including Shiba Inu, which has fallen by 45% from its November high, and Bonk, which has dropped by 57% during the same period.

Technical Analysis: Bearish Patterns Emerge

Pepe’s daily chart shows a bearish head and shoulders pattern, which consists of a head, two shoulders, and a neckline. The coin has now moved below the neckline at $0.00001716. Additionally, Pepe is nearing the formation of a death cross pattern, which occurs when the 200-day and 50-day weighted moving averages cross each other. Both the MACD and the Relative Strength Index (RSI) have continued to decline, suggesting that the coin is likely to extend its losses.

Traders are targeting the key support at $0.0000060, its lowest level in August. If Bitcoin gains momentum from a relatively dovish Federal Reserve, these meme coins may still bounce back.

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